Big Surprise: Handouts not providing miracles after all!
Showing just how delusional the American banking system really is, US Banking regulators are reporting that more than 50% of borrowers who received help with mortgage modifications are defaulting again after only six months.
According to statistics now available, 36% of borrowers who received mortgage assistance default again after only 3 months. This rate jumps to 53% after 6 months and 58% after 8 months.
Banking professionals claim that this is “surprising, and not in a good way.”
What? Really?
Did they think that people who were foolish enough to buy in to variable rate mortgages when there was no way they could afford to make payments if the rate actually did vary, were suddenly struck with a surfeit of fiscal responsibility and would be smart about their finances?
I suppose, to be fair, we could focus on the 48% who have not yet defaulted. Being the eternal optimist that I am, I am sure the failure numbers will be higher as we approach the 12 month mark.
I would love to see these geniuses run their plans past the Dragons for approval before they implement them!
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Yeah — this isn’t surprising at all. Still infuriating… but not surprising. And I am wondering about your “Dragons” link… it’s not going through. Where are you sending us?
http://www.bbc.co.uk/dragonsden/
I fixed the link in the original post, sorry about that!